Subrogation: Difference between revisions

Subrogation (view source)

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-{{a|security|}}The [[guarantor]]’s right, having performed its guarantee obligation to a beneficiary with respect to a guaranteed [[debtor]], to step into the [[beneficiary]]’s shoes and sue the arse off that debtor, seeing as the [[beneficiary]] will be disinclined to do so having, thanks to the [[guarantee]], suffered no loss.
+{{a|security|}}{{dpn|sʌb rɪˈɡeɪʃᵊn|n|}}
+The process whereby one person “steps in” to the legal shoes of another to exercise that other’s legal rights against a third party, by way of satisfying a legal claim between the first two. Three places you might expect to see this: when an insurer, having paid out on an insurance claim, prosecutes the insured’s rights against a third party; where a secured creditor exercises the contractual rights under a debt which has been assigned to it by way of security, or where a guarantor assumes a creditor’s rights to take action to recover a debt from a debtor.
 {{subrogation setoff}}
 {{sa}}
+*[[Interpretation - ISDA Provision|Netting and set-off under an ISDA]] {{premium}}
 *[[Guarantee]]
 *[[Set off]]
 {{ref}}